Likhitha Infrastructure IPO: Opens today; Key Details about the Public Offering

The Initial Public Offering (IPO) will open for subscription today, September 29, 2020. The price band for the public offer has been fixed at Rs 117 to Rs 120 per share. The company seeks to raise Rs 61.20 crore through the public issue.

The IPO proceeds will be utilised towards working capital requirements and for general corporate purposes.

The share offering of the oil & gas pipeline infrastructure service provider will be open for three trading days, from September 29 to October 1, 2020. The shares of the Hyderabad-headquartered oil and gas pipeline infrastructure service provider are likely to be listed on the stock exchanges, BSE and NSE, on October 12, 2020.

Investors can bid for a minimum one lot of 125 shares and in multiples thereof, up to a maximum of 13 lots.

The public offering consists of a fresh issue of up to 51 lakh equity shares, representing 25.86 per cent of the company's post paid-up equity capital.

Unistone Capital is the lead manager of the IPO and Bigshare Services is the registrar.

Likhitha Infrastructure

Established in 1998, Likhitha Infrastructure is an oil and gas pipeline infrastructure service provider that is engaged in the business of laying pipeline networks, testing and commissioning of Oil & Gas Pipelines, City Gas Distribution Projects and Operation and Maintenance (O & M) Services. Their operations include three principal business lines:

(i) Cross Country Pipelines and associated facilities.

(ii) City Gas Distribution including CNG Stations.

(iii) Operation & Maintenance of CNG/PNG services.

It has also executed the first trans-national cross-country pipeline of South-East Asia connecting India to Nepal, in 2019, for the supply of petroleum products. At present, it is working with all major PSU's and CGD companies all over India.

Srinivasa Rao Gaddipati and Likhitha Gaddipati are the promoters of Likhitha Infrastructure.